Sberbank CEO German Gref said Russia is so fixated on fighting inflation that it's forgetting about economic growth.

U.S. Treasury Secretary Scott Bessent said that Vladimir Putin’s envoy Kirill Dmitriev is a Russian propagandist who lies about the consequences of sanctions for the Russian economy. — Ukrinform.

On Wednesday, US President Donald Trump imposed Ukraine-related sanctions on Russia for the first time in his second term.

Also last month, Sberbank CEO German Gref, one of Russia’s top banking chiefs, said the economy was in “technical stagnation,” And in June, Economy Minister Maxim Reshetnikov warned that Russia was “on the brink” of a recession.

"The Russian economy is a wartime economy. Growth is virtually zero," U.S. Treasury Secretary Scott Bessent told CBS News.

The Kremlin on Wednesday pushed back at U.S. President Donald Trump's warning that the Russian economy was going to collapse, saying that Russia had considerable reserves and was strong enough to allow President Vladimir Putin to achieve his goals.

Russia's GDP growth is expected to fall short of the 2% annual growth target required to cover defense, security, social spending, and investment.

The United States has prepared additional sanctions that could be imposed on key sectors of the Russian economy if Kremlin leader Vladimir Putin continues to stall on ending the war. Details: US officials have told their European counterparts that they support the European Union using frozen Russian assets to purchase American weapons for Ukraine.

After years of insulation from the effects of Vladimir Putin’s war, Russia’s economy is finally starting to take a hit.

Foreign Ministry spokeswoman Maria Zakharova claims Moscow’s economy remains resilient despite Western restrictions - Anadolu Ajansı